Lane Realty Scouting for Multifamily Assets After Buying 1,636 Units for $76 Mil in 2000

ATLANTA-Lane Realty Advisors, the investment arm of locally based Lane Co., is bullish on the Southeast’s multifamily market in 2001 after acquiring five apartment properties totaling 1,636 units in four states in 2000 for $76.4 million or an average $15.28 million per property ($46,669 per unit). That acquisition spurt doubled the company’s 1999 performance. Lane has closed on 7,000 units over the past six years.

The company is putting another $12 million into renovating four of the communities. Two of the assets are in Atlanta: Jefferson Ridge, 424 units, cost $31.8 million or $75,000 per unit. Built in 1998, it will not be renovated. The second metro property is Arbor Mill Apartments, 274 units, cost $14.2 million or $51,825 per unit. Renovations will total $1.23 million or $4,500 per unit.